Money Services Business means the business of providing as a primary service any of the following: transmission of money or monetary value in any form; cheque cashing; currency exchange; the issuance, sale and redemption of payment instruments; any other services the Minister may specify by notice published in the gazette; or the business of operating as an agent or franchise holder.

Key Features

The several classes of licence issued under the Money Services Act, No. 26 of 2008, shall authorize the holders to carry on money services business as specified.

  • Class A licence permits the holder to carry on the transmission of money or monetary value in any form, the issuance, sale or redemption of money orders or traveller’s cheques, cheque cashing and currency exchange.
  • Class B licence permits the holder to carry on the issuance, sale or redemption of money orders or traveller’s cheques, cheque cashing and currency exchange.
  • Class C licence permits the holder to carry on cheque cashing.
  • Class D licence permits the holder to carry on currency exchange.
  • Class E licence permits the holder to carry on pay day advances.

Where different places of business are kept in the name of the same legal person, a separate licence is required for each such place of business.

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

St. Nevis International Company

  • License application fee

USD 2,000 (Class A to E)

  • Annual license fee

USD  10,000 (Class A to E)

  • Local physical office required

No

Share capital or equivalent

  • Minimum paid up capital

None

Directors

  • Minimum number

2

  • Corporate directorship allowed

No

  • Local director required

No

Shareholders

  • Minimum number

2

  • Corporate shareholder allowed

Yes

  • Local shareholder required

No

Service Providers Required

  • Company secretary

Yes

  • Auditor

Yes

  • Legal adviser

Yes

 Tax Treatment

Corporate income tax is only payable for locally generated profit, transactions made solely to non-resident entities is not subject to tax.

Duration to Set Up

Around 3 months

Distinctive Benefits of Licence

  • Numerous tax advantages
  • Ease and speed of licensing

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers